Registered number
09116467
Latitude 513 Limited
Unaudited Filleted Accounts
30 September 2023
Latitude 513 Limited
Registered number: 09116467
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 58,500 63,000
Tangible assets 4 19,340 14,430
77,840 77,430
Current assets
Stocks 13,000 9,500
Debtors 5 4,103 -
Cash at bank and in hand 25,751 28,651
42,854 38,151
Creditors: amounts falling due within one year 6 (113,641) (120,632)
Net current liabilities (70,787) (82,481)
Total assets less current liabilities 7,053 (5,051)
Creditors: amounts falling due after more than one year 7 (20,834) (28,886)
Net liabilities (13,781) (33,937)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (14,781) (34,937)
Shareholder's funds (13,781) (33,937)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lisa Separovich
Director
Approved by the board on 7 March 2024
Latitude 513 Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 33.33% straight line
Plant and machinery 25% reducing balance
Computer equipment 33.33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 90,000
At 30 September 2023 90,000
Amortisation
At 1 October 2022 27,000
Provided during the year 4,500
At 30 September 2023 31,500
Net book value
At 30 September 2023 58,500
At 30 September 2022 63,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 41,814 3,718 45,532
Additions 11,203 - 11,203
At 30 September 2023 53,017 3,718 56,735
Depreciation
At 1 October 2022 30,999 103 31,102
Charge for the year 5,053 1,240 6,293
At 30 September 2023 36,052 1,343 37,395
Net book value
At 30 September 2023 16,965 2,375 19,340
At 30 September 2022 10,815 3,615 14,430
5 Debtors 2023 2022
£ £
Other debtors 4,103 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 12,544 -
Bank loans and overdrafts 9,999 11,029
Trade creditors 38,177 18,022
Taxation and social security costs 18,494 14,561
Other creditors 34,427 77,020
113,641 120,632
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,834 28,886
8 Other information
Latitude 513 Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
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